Kraft 2014 Annual Report Download - page 75

Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS
amounts may not equal the total for the year.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
Item 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Our CEO and CFO, with other members of management, evaluated the effectiveness of our disclosure controls and procedures (as
defined in Exchange Act Rule 13a-15(e)) as of the end of the period covered by this report. Based upon that evaluation, our CEO
and CFO concluded that our disclosure controls and procedures were effective as of December 27, 2014.
Internal Control Over Financial Reporting and Changes in Internal Control Over Financial Reporting
Management’s annual report on internal control over financial reporting (as defined in Rules 13a-15(f) and 15(d)-15(f) of the
Exchange Act) is set forth below. The related report of our independent registered public accounting firm is contained in Part II,
Item 8 of this report and is incorporated herein by reference.
Our CEO and CFO, with other members of management, evaluated the changes in our internal control over financial reporting
during the quarter ended December 27, 2014. We determined that there were no changes in our internal control over financial
reporting during the quarter ended December 27, 2014, that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.
Report of Management on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in
Rules 13a-15(f) under the Exchange Act. Our internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. Our internal control over financial reporting includes those written
policies and procedures that:
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may
70
2013 Quarters
First Second Third Fourth
(in millions, except per share data)
Net revenues $4,513 $4,716 $ 4,394 $4,595
Gross profit $1,470
$ 1,936 $ 1,486 $1,932
Net earnings $456 $829 $ 500 $931
Per share data:
Basic earnings per share $0.77 $1.39 $ 0.84 $1.56
Diluted earnings per share $0.76 $1.38 $ 0.83 $1.54
Dividends declared $0.50 $0.50 $ — $1.05
Market price – high $ 52.29 $57.84 $ 58.76 $ 55.93
– low $44.16 $49.79 $ 51.20 $51.72
• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of assets;
• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles;
• provide reasonable assurance that receipts and expenditures are being made only in accordance with management and
director authorization; and
• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of
assets that could have a material effect on the consolidated financial statements.